JOE AND AMANDA: JUST BIDEN TIME

I had the privilege of attending a Biden rally today. I got to share the concomitant experience with my daughter, who was a volunteer for the same event a day earlier in another city. She got to have a pleasant conversation with a Secret Service agent named Allen, and a private meeting with the senator, who called her "honey." I have to admit the honey reference struck me as a little creepy at first, but I passed it off as a generational thing: a term of grandfatherly endearment. I was not so fortunate at my event, in that while I thoroughly enjoyed the speech, I only got looks from Secret Service agents that said, "Move wrong and I'll kill you;" and I got no love from the future VP. I was kind of hoping I could get him to call me "stallion."

Joe Biden has a way about him. He is very believable and seems extremely competent. I particularly like how he breaks down complex economic analysis for regular folks. He clearly explained how McCain's most recent $300 billion plan to bail out mortgages would only work to rescue the banks, and encourage their irresponsibility by rewarding their failed policies. He also repeatedly demonstrated, in surprising detail, how the McCain/Palin economic policies are showcased to feign help for all taxpayers, but are strategically designed to further empower the powerful at the expense of the middle class.

I know someone else who is good at unpacking this stuff for dummies like me. My good friend and economist, Amanda Watson Boles. She teaches college in Florida, and she gave me this schooling:

I am SICK of hearing that lowering taxes on big business and corporations fosters job creation. It is patently false. Here's why.

According to the International Monetary Fund, over the last 20-30 years, job creation in the U.S. has come mainly in the retail and services sectors---shopping, manicures, and baby-back ribs. The fastest job growth in U.S. history occurred during the Clinton administration, despite higher corporate taxes and higher marginal income tax rates for wealthy individuals.

Why? Because what keeps the retail and services sectors afloat is when the majority of Americans have money to spend on retail and services. Companies hire people and create jobs when they know their product/service will be bought, not when they think taxes are low.

On top of this, the largest part of our gross domestic product (72%) is consumption—which just means every day people spending money on stuff. Want to stimulate GDP growth? Make sure low- and middle-class Americans have money to spend. (See: JM Keynes. It still applies, now more than ever!)

Also something to consider: Our per capita GDP is about $47,000, but our average national income is in the mid-$30's—lower than it was in 1972 (adjusted for inflation). In other words, whenever you hear the Republicans talk about income redistribution, they're right—middle-class prosperity is being redistributed to the wealthy, and that's why McCain wants to continue the Bush tax cuts and continue cutting taxes for the rich and big business.

Amanda and Joe--two people I am inclined to trust on these issues--sketch out one of the fundamental differences in this election. We can continue to use the halls of power to create more privilege for those who already have it, and, in many cases, have squandered it; or we can put some new kids in them halls.